Need for credibility, clarity, consistency and certainty

PETALING JAYA: The new Cabinet should ensure that all the measures and policies to aid the recovery of businesses are consistent, reliable, and easy to comply with, the Federation of Malaysian Manufacturers (FMM) has urged.

Its president Tan Sri Soh Thian Lai said a business-friendly regulatory environment is essential in ensuring the ease of doing business and keeping industries competitive and sustainable, and to continue growing during this critical period.

He added that FMM also hoped for continued engagement with the industry and expeditious measures to steer the country towards revival from the Covid-19 pandemic amid current global economic challenges.

“FMM congratulates the new line-up of ministers and deputy ministers on their appointments.

“We call on all the ministers to ensure that all the measures and policies implemented to aid the recovery and revival of businesses be based on the four key policy principles of credibility, clarity, consistency, and certainty, by making them simple, transparent, reliable, easy to comply with, consistent and fair.

“Focus must also be given to ensure the highest level of integrity and efficient service delivery,” he said in a statement on Friday.

In relation to Budget 2023 that will be re-tabled soon, Soh said FMM hopes it will be focused on improving the economic climate by increasing economic activities, including trade and investment activities to generate revenue, create employment, and restore the confidence of both foreign and domestic investors, among others.

He added that the group also hopes for the continued promotion of TVET (technical and vocational education and training) and STEM (science, technology, engineering and maths) education towards building a highly-skilled workforce to support manufacturing transformation.

“FMM pledges to work closely alongside the new Cabinet to help further revive the Malaysian economy from the global headwinds and for industries to return to a competitive position in the global market, as well as for Malaysia to continue to be a favoured investment destination,” he said.